Is my ex and his home at risk when I go BR?

On_A_Mission_7

Okay, this could be a bit long-winded!

My ex and I split up over 5 years ago and the divorce was finalised in Jan 2004. I signed a Transfer of Equity form and he did a remortgage on the house late 2003 but sadly I cannot remember any of the values involved as I've tried to blot the whole thing from my memory. I have no idea if this transfer of equity would be deemed as being 'undervalue' or whether I received the full-market value - I just wanted out. I was sent a Declaration of Solvency by the new lender's solicitor but I refused to sign it, I couldn't be faffed with taking a day off work from my new job to go and pay a solicitor to sign a form for something I couldn't care less about anymore.

I am booked in with the local court to go BR in September and have started filling all the forms in. I see that it asks for info on divorces and any transfers within the last 5 years - this all just about (and only just!) falls into this timeframe. :rolleyes:

What will happen? Is the OR likely to dig that far back and if so, what if it transpires that the transfer was undervalue?

I've read that the transfer could actually be overturned, would that mean that my ex or his lender could be asked to stump up a wodge of money to help pay my creditors? Surely the lender would have recommended some sort of indemnity insurance instead?

I'd defer going BR if I could to make sure it was out of the timeframe but it's just not possible given my current circumstances.

Thanks.

RAS

I am not an expert but I think they have more in mind the sort of thing that used to happen when people who were still married transferred assets to the one not going BK, so that they could be kept away from the OR and later transferred back.

There is a very good explanation as to why you did what you did. What the OR might want to know is where the money that you got from the transfer went.

On_A_Mission_7

RAS wrote: »

There is a very good explanation as to why you did what you did. What the OR might want to know is where the money that you got from the transfer went.

Thanks - that part is easy - I bought a 2nd-hand car, paid 6-months rent/deposit/agency fees etc (as I was moving to a completely new city without employment pre-arranged but didn't take long) and then had to furnish the property and buy all the daft things like utensils and laundry baskets all over again plus I had a well-deserved but not extravagant holiday.

Broken_hearted

I thought they could go back 7 years to take property